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Farmers Field Of Dreams: If You Build It, Will We Pay?
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LA residents, football fans and non football fans alike, continue to be skeptical about the expense of building Farmers Field despite Mayor Antonio Villaraigosa and AEG's assertion that it won't cost taxpayers money, reports Reuters.
"AEG is asking the city to provide $350 million in bond financing to help cover the $1.4 billion construction of its planned Farmers Field, and the company promises the city will be refunded with, among other things, tax revenue from increased economic activity and a surcharge on tickets. Also, AEG promises to pay cash to bridge any gap on the amount owed for the bonds each year."
Farmers Field would be built where a wing of the L.A. Convention Center currently stands. A proposal by AEG suggests dismantling the wing, building a replacement with city bond money, and connecting it to the rest of the Convention Center.
Yet to be determined are issues like how much AEG would pay "to lease ground underneath the stadium, whether it will provide a letter of credit guarantee for the $350 million and whether the city will have to cough up for infrastructure work around the project," officials said, reports Reuters.
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